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150 6 months ago
150 6 months ago
How To Use Cognitive Bias To Inf
Ever thought about human psychology’s role in increasing your product's value? Eric Graham shares how this plays an important part in video persuasion and marketing. Subscribe for more interviews with Big Kahunas https://pxlme.me/SubscribeNow
Understanding psychology and how the human brain works are key players in engineering your persuasion techniques and pricing strategies in marketing.
Eric Graham identifies 3 Powerful Cognitive Biases that have massive effects on consumer’s decision making:
Sunk Cost Bias occurs when a consumer perseveres with something, when they are given prompts or reminders of how far they have made it. This is a result of wanting to ensure their investment is justified after all the time, money, effort they have put in and the identity they transferred into the product.
Asymmetric Decoy Pricing is a technique that alters the consumer’s preference between two products. By placing a third option, a decoy, consumers would infer one of the other two options as more attractive.
Framing Effect has a lot to do with the success of your Asymmetric Decoy Pricing strategy. The way a product is positioned as more beneficial or cost-effective can guide consumers to the direction of the product you want to drive the bulk of the sales to.
These are some of the most powerful cognitive biases in decision making and human psychology that can help in your strategic pricing and increase your conversion rates.
00:46 How our brain’s shortcut to decision making influences many sector of life
02:52 What is Asemmectric pricing and how can you use it for more sales
5:42 The Secret of increasing customer’s & shareholder’s value for a business
About Eric Graham: The “Godfather of Persuasive Video” - He helped scale an advice dating company to more than 100 Million Dollars. He is known as one of the leading authorities in the world in conversion, persuading and selling using online video. The webinars and video sales letters Eric has created for his clients and his own offers have generated over $500,000,000 in total sales. He has over 20 years experience in conversion and arguably is one of the top minds in the field on how to get your existing customer to buy more from you.
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luence What Your Customer Buys Eric Graham & Sebastian Beja